Coinspeaker
Coinbase (COIN) Shares Tumble 9% amid SEC’s Binance Securities Violation Allegations
Coinbase Global Inc (NASDAQ: COIN) witnessed a significant drop of 10.3% in its share value after the United States Securities and Exchange Commission (SEC) announced its decision to sue the trading platform’s biggest rival the Binance exchange. Following the news, Coinbase stock closed the trading day down by 9%
Edward Moya, a senior market analyst at foreign exchange Oanda, eloquently captures the sentiment surrounding the recent decline in Coinbase shares. Moya highlighted that the market reaction reflects concerns over the potential impact of US regulatory actions on crypto, with the fear that many digital assets could be deemed securities.
Notably, the SEC’s lawsuit against Binance alleges that the exchange violated Federal Securities law. The regulatory body claims that Binance allowed US investors to trade derivatives without complying with the required regulatory framework.
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